Which of the following does not correctly characterize modern economic growth?
A. It spread slowly across the globe, with some societies not having experienced it yet
B. It has occurred only in the last 200 or so years
C. It drastically alters the culture and politics of society
D. It has not affected the average lifespan of human beings
D. It has not affected the average lifespan of human beings
You might also like to view...
A firm has successfully adopted a positive technological change when
A) it can produce more output using the same inputs. B) it sees an increase in worker productivity. C) it produces less pollution in its production process. D) it can pay its workers less yet increase its output.
Which of the following equations best represents a Cobb-Douglas production function?
A) Y = AK1L1 B) Y = AK3/4L1/4 C) Y = AK1/3L3 D) Y = AK2/3L3/2
Suppose that production for good X is characterized by the following production function, Q = K0.5L0.5, where K is the fixed input in the short run. If the per-unit rental rate of capital, r, is $25 and the per-unit wage, w, is $15, then the average fixed cost of using 81 units of capital and 9 units of labor is:
A. $75. B. $80. C. $5. D. There is insufficient information to determine the average fixed costs.
Checking exchange rates, you find $1 equals 0.75 euros. Then the price of 1 euro is
A) $0.25. B) $0.75. C) $1.33. D) $4.30.